Double Bay Auction Results – 22 August 2011

The room was busy again yesterday with five (5) properties that went up for auction, two (2) were sold, three (3) were passed in. There was very strong bidding for the opening property located at 5/4 Military Road, North Bondi. This un-renovated 1 bed apartment with no parking ended up selling for 600k which is a very strong price in this market. The competition and sale price for this property further demonstrates the demand for properties sub 1 million – we are seeing an increasing amount of competition and transactions for properties between 500k and 1million across the east.

The results for the Block 2011 on channel 9 is a great representation of what is happening in the current property market when three of the four houses in failed to sell under the hammer at their weekend auction. There were plenty of buyers, however, even with all the hype of the TV show, all seemed reluctant to meet the market.

Auction clearance rates in Sydney on Saturday were 59% compared to 61% the week prior.

Note: CohenHandler are buyers agents who act exclusively for people seeking to buy property in Sydney.

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